Live Nation Entertainment — May 5, 2026 release

1Q25 unless otherwise noted) • Revenue of $259 million, up 20% • AOI of $165 million, up 21%, reflecting the strength of international festivals in South America and our growing venue portfolio • 85% of 2026 sponsorship commitments booked as of end of April, up double-digits • AOI expected to grow double-digits for the full year, driven by venue portfolio expansion including naming rights across major arenas and festivals globally • Full year AOI margin expected to be similar to last year 3 CAPITAL ALLOCATION SUPPORTS VENUE EXPANSION AND LONG-TERM GROWTH • Q1 capital expenditures totaled $249 million; full year spend expected to be $1.1 to $1.2 billion: ◦ Approximately $800 to $850 million of total capex is for venue expansion and enhancement projects ◦ Venue investment cash requirements expected to be reduced by approximately $250 million from funding by joint-venture partners, sponsorship agreements, and other sources ◦ Additional capex allocated to our ticketing and sponsorship growth initiatives, as well as ongoing maintenance at our venues • Full year AOI to free cash flow—adjusted conversion expected to be in line with or higher than 2025 CONTINUED TO BOLSTER OUR BALANCE SHEET IN Q1 • Cash and cash equivalents of $9.1 billion, up from $7.2 billion last year and free cash of $1.7 billion, up from $1.1 billion last year • Leverage stands at 3.6x, in line with historical levels, with a weighted average cost of debt of 4.2% • In April, raised approximately €610 million in long-term debt at 5.5% through an investment grade financing vehicle backed by a portfolio of major venues FULL-YEAR INCOME STATEMENT DETAILS (vs. FY25) • Depreciation and amortization expected to grow 12-15% • Net interest expense is expected to be $280 million • Income tax expense is expected to be 15-20% of AOI, with cash taxes projected to be 80% of that amount • Below the line items: ◦ A $450 million legal accrual impacted Q1 operating income and earnings per share by $(1.93) ◦ Noncontrolling interest expense is expected to grow 25% driven by strong performance across our global partnerships ◦ Accretion expense is expected to be $160-180 million • 2026 share count not expected to change materially from 2025 Compare Our Operating Results to Past Quarters In The Trended Results Grid: https://investors.livenationentertainment.com/financial-information/financial-results The company will webcast a teleconference today, May 5, 2026, at 2:00 p.m. Pacific Time to discuss its financial performance, operational matters and potentially other material developments. Interested parties should visit the “News / Events” section of the company’s website at investors.livenationentertainment.com to listen to the webcast. Supplemental statistical and financial information to be provided on the call, if any, will be posted to the “Financial Info” section of the website. A replay of the webcast will also be available on the Live Nation website. The link t